IX Acquisition Corp. 2025 Annual Report: Key Investor Insights and Price-Sensitive Developments

Overview

IX Acquisition Corp. (“the Company”) is a Cayman Islands-exempted blank check company, formed to effect a merger, capital stock exchange, asset acquisition, or similar business combination with one or more businesses. As of the report date, the Company has not yet consummated an initial business combination and has no operational revenues. The Company is classified as a “shell company” under the Securities Exchange Act of 1934, as it has no substantial operations or assets except cash.

Key Highlights for Investors

• Business Combination Deadline Extended to October 2026: Through multiple shareholder meetings and amendment approvals, IX Acquisition Corp. has extended the deadline to complete its initial business combination to as late as October 12, 2026, pending monthly sponsor contributions. This is a critical development, preserving the Company’s lifespan and shareholder value as it seeks a suitable target.
• Ongoing Extension Contributions by Sponsor: The sponsor has been making monthly contributions to the Trust Account to facilitate these extensions, with the amounts adjusted based on the number of public shares outstanding after substantial redemptions. These contributions are crucial for maintaining the Company’s ability to pursue a business combination and directly impact the Trust Account value per share.
• Significant Share Redemptions: The Company has experienced several rounds of large share redemptions as deadlines approached, with over 18 million shares redeemed in April 2023, 1.8 million in December 2023, and 1.2 million in October 2024. These redemptions returned substantial capital to shareholders but also reduced the pool of public shares, impacting the post-merger capitalization structure and per-share Trust Account value.
• Merger and PIPE Developments with AERKOMM: The Company is actively pursuing a merger with AERKOMM, Inc. Key PIPE (Private Investment in Public Equity) and SAFE (Simple Agreement for Future Equity) investments have been structured to raise at least \$35 million in new capital, with Benchmark and Yuanta Securities engaged as placement agents. The success or failure of these financing strategies is pivotal to the completion of the merger and could be highly price sensitive.
• Trust Account Status and Redemption Rights: The Trust Account remains intact, holding the proceeds from the Company’s IPO and subsequent sponsor contributions. Shareholders retain the right to redeem their shares for a pro-rata share of the Trust Account upon completion of a merger or in the event of Company liquidation, less taxes and permitted expenses.
• Market Listings: The Company’s units, Class A ordinary shares, and warrants are currently listed on the OTC under the symbols IXQUF, IXAQF, and IXQWF, respectively. As of April 9, 2026, there were 4,703,164 Class A shares and 1,747,879 Class B shares outstanding.

Material and Price-Sensitive Events

• 1. Extensions and Sponsor Contributions:

  The Company’s ability to extend the business combination deadline is conditioned on monthly contributions by the Sponsor, calculated as the lesser of a fixed dollar amount or a per-share amount based on outstanding public shares. These contributions have ranged from \$40,000 to \$50,000 per month, directly affecting the Trust Account and thus the liquidation/redemption value per share. Investors should monitor the Sponsor’s continued support as a key risk factor.

• 2. Large-Scale Redemptions:

  The redemption of a majority of public shares has dramatically reduced the Company’s public float and could affect post-merger liquidity and trading dynamics. The per-share value in the Trust Account has increased due to the reduction in outstanding shares, but the smaller shareholder base could impact the Company’s attractiveness to potential targets and investors.

• 3. AERKOMM Merger and Capital Raising:

  The Company is in advanced negotiations to merge with AERKOMM, contingent upon raising at least \$35 million via PIPE and SAFE instruments. The outcome of these financings, and the successful execution of the merger, will likely have a substantial impact on share value. The engagement of Benchmark and Yuanta as placement agents, and the agreed fee structure, reflect progress but also highlight execution risk.

• 4. Status as a Shell Company and “Emerging Growth Company”:

  The Company remains a shell company and an “emerging growth company,” subject to reduced reporting requirements and exemptions from certain regulations. This status will remain until either a business combination is completed or the Company meets specific financial thresholds. Investors should note the lower level of required disclosure and potential risks inherent in shell companies.

• 5. No Material Cybersecurity Incidents:

  The Company reported no material cybersecurity risks or incidents since its IPO, which may provide some comfort regarding operational risk, though as a shell company, its exposure is relatively limited.

• 6. No Unregistered Securities Sales or Legal Proceedings:

  There were no sales of unregistered securities during the reporting period and no material pending or threatened legal proceedings involving the Company or its management.

Forward-Looking Risks and Investor Considerations

Investors should be aware of the following:

• Completion of a business combination is not guaranteed and is subject to market conditions, regulatory approval, and successful capital raising.
• The Company’s future is highly dependent on its ability to consummate the AERKOMM merger or another suitable transaction before the final extension deadline. Failure to complete a merger will lead to liquidation and the return of funds to remaining shareholders.
• Shareholder value is directly tied to the balance in the Trust Account, ongoing sponsor contributions, and the success of capital raising and business combination efforts.
• Significant redemptions have altered the Company’s capital structure, potentially impacting future trading liquidity and deal attractiveness.
• The Company is subject to various market, operational, and regulatory risks, including the risk that its status as a shell company or as an emerging growth company may not provide the same protections or visibility as more established operating companies.

Conclusion

The 2025 Annual Report for IX Acquisition Corp. is highly consequential for shareholders. The Company’s ability to extend its business combination timeline, retain and attract capital, and successfully execute the AERKOMM transaction are all price-sensitive events that could significantly impact share value. Shareholders should closely monitor developments related to sponsor contributions, merger progress, PIPE and SAFE capital raising, and any further redemptions or changes in the capital structure.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. The information contained herein is based on the Company’s 2025 Annual Report and should be independently verified. Investors should consult their financial advisors prior to making any investment decisions. The Company’s future performance is subject to risks and uncertainties, and past events or current plans may not be indicative of future results.

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